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Page 1: Marketing introduction

MarketingThe process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.

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MARKETING SATIFIES NEEDS

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Need: These are the fundamental needs,such as food, water, air, shelter, clothing. Beyong the purely physical requirements, people also need recreation, education, love, social belongingness, entertainment and social status.

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Want: The desire to satisfy needs in specific ways that are culturally and socially influence influenced.

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Benefit: The outcome sought by a customer that motivates buying behavior.

Demand: Customers desire for products coupled with the resources to obtain them.

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Consumer: Is the ultimate user of a good or service. Consumers can be individuals or organizations, whether a company, government, sorority, or charity and all with different needs.

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Customer Satisfaction: The extent to which a product's perceived performance matches a buyers expectations. If the product's performance falls shore, of expectations, the buyer is dissatisfied. If performance matches or exceeds expectations the buyer is satisfied, or delighted.

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Market: All of the customers and potential customers who share a common Need that a specific product can satisfy, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange.

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Marketplace: Any location or medium to conduct exchange.

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MARKETING IS AN EXCHANGE OF VALUE

Exchange : The process by which some transfer of value occurs between a buyer and a seller.

Monetary Transaction: Currency (cash, check, credit card) is surrendered in return for a good or service.

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ALMOST ANYTHING CAN BE MARKETED

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Product: A tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process.

Consumer good: The goods individual consumers purchase for personal or family use.

Services: Intangible products that are exchange directly from the producer to the customer.

Industrial Good: Goods bought by individuals or organizations for further processing or for use in doing business.

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Marketing is the whole business seen from the customer’s point of view

-Peter Drucker

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